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We are trying to decide which is best for our company (6 employees)a Simple or a Sep IRA. We're late starters so want to be able to put as much as we can into IRA's. Some of our employees have been saving through a (gasp) passbooks savings acct. I've read through the Fool retirement stuff, the message boards and the IRS publications (560 & 590)

If I understand them right
The Simple:
1. The max is 6000 (employee) plus 3% of wages (employer). I couldn't find a limit, except the $12,000 in any of the literature. If we have a part-time employee earning 6000 per year could they contribute all of it and we could also contribute 180 or would his contribution be limited to 6000-180 or 5820?

The Sep:
1. The max for the Sep is 15% of wages (employer)
With the Sep the max contribution would be $900 or 15% of 6000.
Can an employer have both a Sep and a Simple?

Is there a limit on how much can go into all IRAs? If you have a Traditional and a Roth and
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